Oil prices on Monday hit their lowest levels in months despite the Saudi-led OPEC and its Russia-led allies agreeing on Sunday to extend production cuts. Benchmark U.S. crude changed hands for as little as $75.12 a barrel in morning trading, according to Dow Jones Market Data. This is the cheapest price since February 8. The […]
Oil prices hit their lowest levels in months Read More »
RIYADH: Geopolitical and economic changes, safety, and emissions are in the spotlight at the 80th IATA Annual General Meeting and World Air Transport Summit that commenced in Dubai on June 2. According to the International Air Transport Association, leaders from the global airline industry are attending the World Air Transport Summit scheduled to continue until
Oil Updates – prices steady as investors assess OPEC+ output cut extension Read More »
WTI edges higher as OPEC+ continues its oil output cuts of 3.66 million barrels per day into 2025. Oil prices could face pressure as Fed officials suggested maintaining restrictive monetary policy for now. Israeli Prime Minister Benjamin Netanyahu’s administration accepted US President Joe Biden’s proposal for a Gaza cease-fire on Sunday. West Texas Intermediate (WTI
WTI trades above $77.00 as OPEC+ agreed to extend its output cuts into 2025 Read More »
On June 2, 2024, 11:01 AM OPEC+ will likely agree on Sunday to prolong its deep oil output cuts into 2024 and possibly 2025, two OPEC+ sources said as the group seeks to shore up the market amid tepid global demand growth, high interest rates and rising rival U.S. production. Oil prices trade near $80
OPEC+ seen prolonging oil cuts in 2024 and into 2025 Read More »
Oil prices remain under pressure this week despite expectations that OPEC+ will agree to extend production cuts at this Sunday’s meeting. Friday, May 31st 2024 The Memorial Day holidays, which usually trigger a bump in gasoline consumption, failed to drive a significant increase in fuel demand, adding downward pressure to oil prices. Overshadowing higher refinery runs
Oil Prices Under Pressure Despite Expectations of an OPEC+ Deal Extension Read More »
Oil gives up earlier attempts to avoid losses and falls to session’s low. OPEC+ will convene online to decide on production cuts, with most analysts expecting current cuts to extend into 2025. The US Dollar Index trades further below 105.00 to the mid 104.50-levels. Oil prices were trying to claw back though are back to
Oil enters wild ride and falls back in red after PCE numbers Read More »
Oil drilling rigs Oil prices extended their losses on Friday amid uncertain outlook for US monetary policy and a rise in US gasoline and distillate stocks despite a crude oil inventory fall. Brent crude futures for August delivery dropped 0.15% to $81.76 a barrel, at 8:20 Makkah time. Similarly, futures prices for US West Texas
Oil prices extend fall despite higher-than-expected inventory decline Read More »
The Committee on Trade, Industry, and Cooperatives says it will consult ministry officials and other key stakeholders in the edible oils sub-sector to tackle the rising prices of cooking oil. Aldai Member of Parliament Marianne Kitany, the Committee’s Vice Chairperson, announced the decision during a meeting with a group of edible oil manufacturers in the
Government Reveals Strategy to Lower Cooking Oil Prices Read More »
Oil prices are experiencing a sharp decline this week, its first in two weeks. The period is ending with four consecutive sessions of losses and Friday is on course to close in the red as well. On Thursday, crude oil settled at multi-month lows, driven by concerns over prolonged high U.S. interest rates which could
Oil Prices Tumble as Demand Concerns Boost Bearish Sentiment Read More »
Oil drilling rigs Oil prices settled higher on Friday, trimming their losses this week amid anticipation of OPEC+ meeting on June 2. Brent crude for July delivery increased 0.95%, or $0.76, to settle at $82.12 a barrel. Similarly, the most actively traded US West Texas Intermediate (WTI) crude futures for July delivery rose 1.1%, or
Oil rises, records weekly losses of over 2% Read More »
